Georgia Assignment of Principal Obligation and Guaranty
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How to fill out Assignment Of Principal Obligation And Guaranty?
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FAQ
A party may rescind a contract without the consent of the opposite party on the ground of nonperformance by that party but only when both parties can be restored to the condition in which they were before the contract was made.
The contract of suretyship or guaranty is one whereby a person obligates himself to pay the debt of another in consideration of a benefit flowing to the surety or in consideration of credit or indulgence or other benefit given to his principal, the principal in either instance remaining bound therefor.
Think of a loan that is provided to A, while partner B warrants repayment of that loan as a surety. If the debtor fails to fulfil his payment obligations after being given notice of default, the creditor may call upon the surety.
Each transaction giving rise to a suretyship relation involves at least the following three parties: 1) the party owed performance of the obligation (the creditor/obligee); 2) the party primarily responsible for performance of the underlying obligation (the principal debtor/principal obligor); and 3) the party ...
A suretyOne who promises to act or pay upon the default of another: a guarantor. is one who promises to pay or perform an obligation owed by the principal debtorThe person whose debt is guaranteed by a surety., and, strictly speaking, the surety is primarily liable on the debt: the creditor can demand payment from the ...
Ct. App. 1994) (?Suretyship is an accessory contract by which a person binds himself to a creditor to fulfill the obligation of another upon the failure of the latter to do so.?).
